In 2023, Canada imported 1.30 million metric tons of soybean meal. The forecast for 2024 shows an increase to 1.31 million metric tons. From 2024 to 2028, the imports are expected to grow steadily, reaching 1.37 million metric tons by 2028. Year-on-year growth from 2024 to 2025 is anticipated at approximately 1.53%, with a consistent annual growth ranging from 0.75% to 1.49% over the following years. The compound annual growth rate (CAGR) over the five-year forecast period is about 1.05%.
Future trends to watch for:
- Potential impact of trade policies on import levels.
- The influence of domestic production shifts on import dependency.
- Price fluctuations in the global soybean meal market.
- Changing dietary needs and livestock industries influencing demand.
